Few areas of activity have undergone such a radical transformation in such a short space of time as that of the digital payment.
In a handful of years brands such as PayPal and Bitcoin have revolutionised the way that we carry out a variety of activities like playing online casino games and engaging with the global online marketplace.
But for every success like Google Wallet there’s a failure like ChipKnip, and so here’s a round-up of which digital payment systems are looking to be winning the battle for dominance in 2016.
In less than 20 years PayPal has grown to become one of the most useable ways to carry out a range of online transactions. It works by utilising a centralised system to act as a processor for online retailers, and it’s a model that’s worked surprisingly well with the fees earned helping the brand to gain a market value of over $52 billion.
And it’s the fact that it offers a soft kind of electronic currency that can be reversed that has meant that it’s become a favourite of auction sites so as to avoid fraud and disputes.
Skrill and Neteller
However there have been other rising brands such as Skrill who’ve been quick to offer an alternative to the likes of PayPal thanks to some particularly innovative payment features.
These aim to provide frequent users with special reward schemes and fee structures that have led such brands to become especially popular when used on gaming sites like the Betsson brand – CasinoEuro which encourages the use of Skrill, Neteller and Paysafe to facilitate quick deposits and secure payouts.
Google and Apple
However, it’s when the big tech giants get involved that things start to get interesting. Although the sight of Apple Pay signs have become fairly commonplace in many high street shops, the brand have yet to make any serious moves to enter the digital payment realm.
The same doesn’t apply to Google who, although they recently abandoned support for the digital wallet card, have shown no signs in slowing down their efforts to make Google Wallet the leading way to making peer-to-peer transactions online.
But with many other rising brands like Venmo and Square Cash aiming to provide quicker, safer and cheaper ways to pay for goods and play casino games, it seems that the race for digital payment supremacy is far from over.